Bets off for new casino
Bets off for new casino
The Ministry of Finance, the body which is currently compiling a decree guiding casino operations in Vietnam, last week rejected a proposal from the Khanh Hoa Provincial People’s Committee for a property complex containing development of a casino.
In a document sent to express the reasoning behind the rejection, the Ministry of Finance (MoF) claimed that any appraisal of new casino projects should wait until the finalisation of the decree guiding casino operations in the country.
Earlier May, authorities of the central province of Khanh Hoa made a proposal to the government to build a casino complex on the northern Cam Ranh
peninsular. The provincial proposal is based on the projected development plan made by Ho Chi Minh City-based domestic private firm Hung Thinh Real Estate Investment JSC.
Accordingly, the complex will be developed on a 31-hectare site including a five-star hotel and a casino, as well as villas, resorts and a marina. The investor announced that it would invest around VND350billion ($16.6 million) in this property excluding the casino investment.
The proposed complex is expected to boost the local tourism and attract international tourists so as to compete with other tourism hotspots in the region.
Meanwhile, the Ministry of Construction (MoC) also said that the Khanh Hoa Provincial People’s Committee had to report the details of the province’s proposal to relevant government agencies and asked the investor to complete its application dossiers for the complex development.
“These dossiers must include the estimated total investment capital, financing sources and the planned construction timeline of the complex,” the MoC said in its document sent to the government.
According to the MoF, the decree providing guidance for development and operations of casinos in Vietnam is still being discussed among government agencies after it was open for public opinions. The compilation of the decree was first assigned to the MoF in 2010.
While currently only foreign nationals and Vietnamese overseas are allowed to play at casinos, in the latest draft, the MoF proposed that Vietnamese residents who are considered to be “financially capable” be allowed entry into casinos. The draft also stipulates that only investors of a property complex worth $4 billion upwards can include a casino in their proposals.
Seven casinos have been licensed in Vietnam so far. Six of these, located in Lao Cai, Haiphong, Quang Ninh, Danang and Ba Ria-Vung Tau, have already been put into operation.
Apart from that, 50 other licensed gaming centres are operational in four- and five-star hotels across the country.
